France took off Payet after an hour of their match against Portugal, and opted to replace him with Kingsley Coman.
The Hammers’ attacking midfielder had failed to show his best form, but Gold believes that Didier Dechamps should have kept the 29-year-old on the pitch.
The substitution of Dimitri Payet has given Portugal a chance. dg— David Gold (@davidgold) July 10, 2016
Gold’s view was backed up by Danny Murphy, who also suggested that he could not understand the switch.
"I don't get that, I really don't," Murphy said during the BBC’s live coverage of the match.
"He's a game changer, it's a strange one.”
Coman was bright when he came on, but the youngster was not able to affect the match enough to spark his nation into life.
France ended up losing 1-0 to Portugal after extra-time, with Eder slamming in the winner from distance.
Despite a poor ending, Payet still made a big impact on the tournament - with his early performances catching the eye.
The Hammers man was one of the stars of the group stages, when he scored twice in his first two matches to fire France into the knockout rounds.